“The world of cryptocurrency never fails to amaze, as even in the face of a looming SEC investigation into Ethereum, both $BTC and $ETH boldly defied the odds and soared to impressive gains of 9.5% and 11%.
Bearish News – $BTC Rockets Up
“Despite the Grayscale Spot Bitcoin ETF (GBTC) experiencing significant outflows, and Blackrock (IBIT) and 8 other ETFs struggling with weak inflows for the third consecutive day, bitcoin made a bold move. It confidently rebounded, soaring to a high of $68,000 in a single day.”
As the sun set on Wednesday, the market was hit with another bearish blow. Rumors began swirling that the Ethereum Foundation was under investigation by the SEC. With the highly anticipated Ethereum ETF decision just around the corner, it seems the SEC has launched a preemptive strike to derail its approval.
SEC Launches Investigation into Ethereum Foundation, Threatening Approval of Spot ETF. Subpoenas Served to Major Companies, Creating Tension and Uncertainty in the Cryptocurrency World.”
The Ethereum Foundation is under fire as subpoenas have been issued to multiple companies. The SEC’s investigation could potentially result in the defunding of the spot ETF, avoiding a humiliating court battle and potential loss.
A 9.5% $BTC Price Increase For The Day
As the news spread like wildfire on social media, many anticipated that the $BTC price would plummet into a downward spiral. But to everyone’s surprise, the opposite happened. Despite the Ethereum/SEC news causing a stir, $BTC defied all expectations and launched into a fierce upward trend. Starting at a modest $61,900, it briefly dipped to $60,800 before skyrocketing to an impressive $67,800 by the end of the day.
As per the 4-hour time frame chart, the mighty $BTC has shattered the trend line that rested atop the W pattern. A satisfying dip confirmed this breakthrough. The predicted outcome was achieved at $67,000, but the bullish momentum carried on to an astonishing $68,000.
Could it be that the 0.618 level will now provide a solid support, coinciding with a nearby local support at $66,000?
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$BTC Still In Uptrend
As we delve deeper into the realm of daily time frames, it becomes evident that $BTC has once again grazed the trend line it has dutifully followed since the beginning of February.
While a period of lateral movement may ensue for $BTC in the days to come, the overall trend remains bullish, hinting at a potential return to its previous record high of $73,650 in the near future.